FIH Mobile writes off another $40 mn of its $200 mn investment in Snapdeal

FIH Mobile writes off another $40 mn of ...

FIH Mobile of Hong Kong, a unit within the Foxconn group has decided to write off the remaining $40 million of its $200 million investment in Indian ecommerce company Snapdeal. Jasper Infotech, the parent company that owns Snapdeal had received funding from different sources in its heydays, including $200 million from FIH Mobile.

However, after the attempts to merge Snapdeal with Flipkart failed, it has been a downward spiral for the ecommerce marketplace and investors like FIH Mobile have concluded that it is more prudent to forget the investment as a loss in their books and move on. The accounting term for this is impairment loss, meaning even if there are any possible future earnings from the investment, it would be negligible when compared to the cost of holding on to the investment.

The bulk portion of $160 million was already written off earlier. This brings the involvement of Foxconn in Snapdeal as an investor to a close as on December 31, 2017.

 


PostedOn: 15 May 2018 Total Views: 121




iPhone XS, iPhone XS Max Launched: Price...

iPhone XS, iPhone XS Max Launched: Price in India,...

Apple on Wednesday took covers off its latest flagship iPhone series. Much like last year, the Cupertino giant announced three new variants in its iPhone 2018 lineup, the iPhone XS, iPhone XS Max, and the cheaper iPhone XR. The iPhone XS Max is essentially a larger iPhone XS.

13 Sep 2018

Apple shelves plan to launch UPI-based p...

Apple shelves plan to launch UPI-based payments se...

The main bone of contention seems to be the Reserve Bank of India’s recent data localisation rule. If you have been hoping to use Apple Pay in India, you may be in for some disappointment since the US tech giant has decided to put on hold its plans to launch its digital payments facility.Accor...

07 Sep 2018

Walmart Labs acqui-hires Bengaluru-based...

Walmart Labs acqui-hires Bengaluru-based micro-app...

Six Appsfly employees will join Walmart Labs’ customer experience engineering team. Though Walmart has been in the news over the past few month due to its deal with Flipkart, Walmart has been present in India as Walmart Labs, which is its research division engaged in developing local products ...

05 Sep 2018

Apple dominated global smartwatch market...

Apple dominated global smartwatch market in Q2 201...

Apple continued to dominate the smartwatch market with a 41 per cent share as global smartwatch shipments grew 37 per cent Year-on-Year in the second quarter of 2018, a Counterpoint report said on Friday. US-based wearables major Fitbit grabbed the second spot with 21 per cent market share while Fos...

31 Aug 2018

Google's payment app for India 'Tez' bec...

Google's payment app for India 'Tez' becomes Googl...

Digital payment service for India, Tez, for a global rollout, Google on Tuesday renamed the app as Google Pay and introduced new features that could soon help its Indian users get instant "pre-approved" loans from some banks. "Building for India has often meant Google building for everyone all aroun...

29 Aug 2018

Warren Buffett’s Berkshire Hathaway in t...

Warren Buffett’s Berkshire Hathaway in talks to in...

After attracting investment from global investment majors such as SoftBank and Alibaba, Paytm is now in talks with Warren Buffett’sBerkshire Hathawayto raise Rs 2,000-2,500 crore. This will be Warren Buffet’s first direct investment in India. According to a report inEconomic Times, Berks...

28 Aug 2018

Facebook goes back to old technologies t...

Facebook goes back to old technologies to connect ...

After abandoning its plan to develop a solar-powered drone called Aquila and grounding a helicopter drone project to connect people in remote areas, Facebook has gone back to the basics, working on technologies like mesh Wi-Fi and Express Wi-Fi in partnership with equipment manufacturers and operato...

23 Aug 2018

Twitter Lite Android app launched in Ind...

Twitter Lite Android app launched in India

The micro-blogging platform on Tuesday made its data-friendly Twitter Lite Android app available in 21 more countries, including India, which can be downloaded from Google Play Store. Built for 2G and 3G networks which are still in use in several parts of India, Twitter Lite has an install size of 3...

14 Aug 2018